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Managing your personal budget

Updated: Nov 9, 2021

Want money left at the end of the month?

Taking the time to manage your money better can really pay off. Learning to budget can help you stay on top of your bills and save £1,000s each year. You might be able to use savings to pay off any debts, put them towards your pension, or spend them on your next car or holiday. How to set up a budget

The first step to taking control of your finances is doing a budget. It will take a little effort, but it’s a great way to get a quick snapshot of the money you have coming in and going out. Setting up a budget means you’re:

  • less likely to end up in debt

  • likely to get caught out by unexpected costs

  • more likely to have a good credit rating

  • more likely to be accepted for a mortgage or loan

  • able to spot areas where you can make savings

  • in a great position to save up for a holiday, a new car, or another treat.

What you need

To get started on your budget, you’ll need to work out how much you spend on:

  • household bills

  • living costs

  • financial products, like insurance, bank charges or interest

  • family and friends, this could include gifts, travel to events like weddings

  • travel, car costs like fuel and MOT tests as well as public transport

  • leisure, including holidays, gym fees, meals out or other entertainment.

Getting your budget back on track

If you’re spending more than you have coming in, you need to work out where you can cut back. This might be as easy as making your lunch at home or cancelling a gym membership you don’t use. You could also keep a spending diary and keep a note of everything you buy in a month. Or, if you do most of your spending with a credit or debit card, look at last month’s statement and work out where your money is going.

If you want help managing your personal finances we are holding an in person event on Thursday 25th November at 12.30PM at our offices - We Work, 55 Colmore Row, Birmingham B3 2AA - register to attend:

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